Wall Street Panics Over Prospect of a Socialist Running New York City

Mamdani Said He Would Freeze Rent on Rent-Stabilized Apartments and Invest $70 Billion in Subsidized Housing

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A flurry of private phone calls to plot how to fight back against Mamdani's primary victory and discussed backing an outside group with the goal of raising around $20 million to oppose him, according to people familiar with the matter.

The calls also discussed efforts to coalesce behind Adams and working to keep Cuomo out of the race, the people said. They also discussed trying to get Republican candidate Curtis Sliwa to drop out by getting the White House to offer him a job in the Trump administration, the people said.

Not everyone was downbeat about the primary results, though. On CNBC, Philippe Laffont, founder of hedge fund Coatue Management, said the city would likely continue to thrive, arguing that it withstood the tenure of de Blasio, who embraced policies that some in the business community opposed.

"We had Mayor de Blasio for eight years, New York is really strong, I'm hopeful the same will happen," he said on CNBC's "Squawk Box." "And there's still an election."